Capital Allowances News & Resources

Guidance for Solictors from The Law Society on Capital Allowances

Guidance from The Law Society released 18th March 2014 says solictors should advise clients to consult with Capital Allowances Specialists when it comes to commercial property transactions after April 2014. Follow this link for the full practice note guidance. It also contains a link to a revised version of the CPSE1 Form v.3.3.

Capital Allowances Rules for Property Transactions from April 2014 Onwards

For a summary of the rule changes from April 2014 in respect of commercial property transactions please read our blog on the subject

Capital Allowances rates for 2013/14 onwards

Annual Investment Allowance (AIA)

From 1st January 2016 the AIA will be set at £200,000. This is welcome news as prior to this announcement it was thought the AIA would drop from the temporary level of £500,000 to £25,000. See HMRC Guidance Here

£500,000 from 1st April 2014 for Corporation Tax payers and 6th April 2014 for Income Tax payers. This rate will apply until 31st December 2015. This increase from £250,000 was announced in the March 2014 Budget. See HMRCs Guidance Here.

£250,000 for the period 1st January 2013 to 31st March 2014 for Corporation Tax payers and 5th April 2014 for Income Tax Payers.

Writing Down Allowances (WDAs)

Main Pool 18% / Special Rates Pool 8% (includes Integral Features and Long Life Assets)

Enhanced Capital Allowancesc (ECAs)

On Government approved energy saving plant & machinery 100% first year allowances.

Furnished Holiday Lets

The regulations concerning the ability of furnished holiday let owners to claim capital allowances have changed as of April 2011. If you own a furnished holiday let or lets we recommend that you investigate the potential for making a capital allowances claim in this calendar year (2011) to maximise any potential for receiving rebates in tax and ongoing tax relief. HMRC have published a Help Sheet on the subject. Click here to read.